A company is considering a project with the following characteristics: Cash outflows: Immediate investment in equipment: $488,000 Cash outflow for equipment maintenance in year 2: $55,000 Cash inflows: Cash savings in year 1: $50,000 Cash savings in year 2: $100,000 . Cash savings in year 3: $100,000 Cash savings in year 4: $150,000 Cash savings in year 5: $200,000 Salvage value at the end of year 5: $60,000 What is the Payback Period (in years) for this project? (Round your answer to 2 decimal places.)